Press Release

MINISTER HEURTEL ANNOUNCES THE RESULTS OF THE
SECOND QUÉBEC-CALIFORNIA CARBON MARKET AUCTION

Québec, February 25, 2015 – The Minister
of Sustainable Development, Environment and the Fight against Climate
Change, Mr. David Heurtel, announced today the results of the February 18
greenhouse gas emission allowances auction which was held jointly with the
State of California. This was the second joint auction sale held since the
two jurisdictions linked their respective carbon markets on January 1, 2014.

Participants submitted bids exceeding by 16% the total number of available
2015 units and by 5% the total number of 2018 units. Overall, 73 610 528
units of 2015 were sold at a price of 15.14 CA$ (12.21 US$) each, and
10 431 500 units of 2018 went for 15.01 CA$ (12.10 US$). The auction
generated a gross revenue of approximately 190 million Canadian dollars for
Québec, making the cumulative total income since the first auction held by
Québec in December 2013 more than 330 million Canadian dollars.

“The carbon market calls for innovative solutions and opens the way to the
development of Québec’s expertise in leading edge niche areas. Thanks to the
Green Fund’s revenues which come mainly from the carbon market, the
government can support Québec’s businesses in transitioning toward a greener
economy. In addition to fostering the re-launch and sustainable development
of our economy, this green economic tool enables us to fight climate change
together and ensure our children a better quality of life,” Minister Heurtel
stated.

The carbon market is the centrepiece of Québec’s strategy for fighting
climate change. All the revenues it generates goes into the Green Fund and
are reinvested in the implementation of the 2013-2020 Climate Change Action
Plan, which aims to reduce GHG emissions and foster the adaptation of Québec
society to the consequences of climate change while contributing to the
re-launch of Québec’s economy.